"BAA is changing and today's announcement marks a new beginning for both Gatwick and BAA," says the operator's chief, Colin Matthews, adding that he is "confident that the airport will flourish" under its new ownership.

BAA, which was ordered by the UK competition regulator to sell two London airports and one in Scotland, says the proceeds of the Gatwick divestment will mainly be used to repay debt. Completion of the sale is expected in December.